Banque du Caire profits rises by 59% to hit US$257 million in 2019

EGYPTBanque du Caire, one of the largest commercial banks in Egypt has recorded significant growth in the fiscal year 2019 recording revenues in excess of the targeted rates.

The bank’s profits before taxes reached EGP 5.29 billion (about US$340 million) at the end of 2019 compared to EGP 3.89 billion (US$250.16 million) at the end of 2018.

The banks net profits increased to nearly EGP 4 billion (about US$257 million), compared to EGP 2.5 billion (aboutUS$160.77 million) the previous fiscal year.

The bank also revealed that it achieved a return on property rights of 31 percent, and a return on assets of 2.3 percent at the end of the fiscal year 2019.

The business results showed that the bank’s financial position has continued to grow, bringing its total assets to EGP 183.4 billion (about US$11.97 billion), with a growth rate of 10 percent compared to 2018.

The bank attributed the growth to an increase in the total loan portfolio of customers and banks by EGP 13.2 billion (about US$ 848.87 million) to reach EGP 79.2 billion (US$5.09 billion), a growth rate of 20 percent compared to the end of the fiscal year 2018.

This has been reflected in an increase over all business sectors. The corporate loan portfolio increased by 7.2 percent while the portfolio of medium and small companies increased by 146 percent.

Retail banking portfolio on the other hand, increased by 18.5 percent while the micro loan portfolio increased by 56 percent.

Deposits increased by EGP 20 billion to reach EGP 151 billion (about US$9.71 billion) with a growth rate of 15 percent compared to 2018.

The net income from the return increased by 29 percent compared to 2018 to reach EGP 8.3 billion (about US$533.7 by the end of 2019.

Moreover, the bank noted that net income from fees and commissions increased by 36 percent to reach EGP 1.5 billion (about US$96.46 million).

The improvement of the abovementioned indicators led to a significant improvement in the profitability ratios, where the average rate of return on assets was 2.3 percent compared to 1.6 percent in 2018, and the average return on equity was 31 percent compared to 22.4 percent in 2018.

In 2019, the Bank of Cairo announced the launch of a new identity and brand, which represents a new era in the history of the bank to reflect the volume of development and innovation in its policies.

In appreciation of these efforts, the bank won the award for the best brand in the banking sector for the year 2019 from English magazine Global Brands.

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